Crypto-linked stocks rise premarket as Bitcoin tops $59,000 Morinda News


© Reuters – Shares of cryptocurrency-related companies jumped in U.S. premarket trading on Wednesday after topping $59,000, extending the digital asset’s rally into a fifth day as a result.

As of 05:22 ET (10:22 GMT), the price of Bitcoin had risen 4.6% to $59,202.5, putting the world’s most popular cryptocurrency within touching distance of its 2021 all-time high of over 68,000 US dollar moved up more than 16% in the last seven days.

Top crypto exchange Coinbase (NASDAQ:) as well as crypto miners Marathon Digital (NASDAQ:), Riot Platforms (NASDAQ:), CleanSpark (NASDAQ:), Cipher Mining (NASDAQ:) and Bit Digital (NASDAQ:) all rose before the opening bell in New York.

Bitcoin’s stellar performance this year has been driven in part by the recent approval of exchange-traded funds in the US that directly track the price of the token.

The approvals have attracted a lot of institutional capital into Bitcoin. However, retail trading volumes remained relatively low, suggesting that confidence in the crypto industry may have been weakened by a series of high-profile scandals and bankruptcies.

An announcement from MicroStrategy Incorporated (NASDAQ:), Bitcoin’s largest corporate holder, that it recently purchased 3,000 tokens for approximately $155 million also provided support for the cryptocurrency.


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